In Producing 700 Units of Product CBA Last Period,Cobalt Company

question 100

Essay

In producing 700 units of Product CBA last period,Cobalt Company used 5,000 pounds of Material H,costing $34,250.The company has established the standard of using 7.2 pounds of Material H per unit of CBA,at a price of $7.50 per pound.
a.Calculate the materials price and quantity variances associated with producing the 700 units,and indicate whether they are favorable or unfavorable.
b.Record the entry for the material used and related variances for Cobalt.
c.Assume these variances are immaterial and prepare the entry to close them out at the end of the year.

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Definitions:

Social Status

The position or rank of a person or group within society, often determined by wealth, occupation, education, or family lineage.

Two-Spirit

A term used by some Indigenous North American cultures to describe a person who embodies qualities of both genders, holding a distinct social and spiritual role.

Human Sexuality

The way people experience and express themselves as sexual beings, including physical, emotional, social, and spiritual dimensions.

Mangaia

An island in the Cook Islands known for its unique sexual culture and practices.